Devon Energy price target raised to $62 from $51 at Mizuho

Mizuho raised the firm’s price target on Devon Energy (DVN) to $62 from $51 and keeps an Outperform rating on the shares. The firm upped its 2026 oil price outlook by 14% to $73.25 with the Iran conflict entering its third week. It is too early to say whether the conflict raises the structural price of global oil, but the bias is likely higher, the analyst tells investors in a research note. Mizuho remains positive on the oil and gas sector. While saying natural gas fundamentals remain constructive, the firm lowered its fiscal 2026 price outlook by 6%.